They offer clear, step-by-step questions to assist you through the filing process and make sure you take advantage of all the deductions and credits you may be eligible for. This can be especially useful for people who are not familiar with tax filing procedures. How to Save Money by Gen...
The Narendra Modi government introduced a new tax regime in 2020 alongside the traditional old regime to streamline the tax filing process and provide taxpayers with more options. The move offers taxpayers a choice between the conventional system, known for its array of deductions and exemptions, an...
Computation of Income Tax Regardless of the changes made by legislators since 1913, the basic formula for computing the amount of tax owed has remained basically the same. To determine the amount of income tax owed, certain deductions are taken from an individual's gross income to arrive at ...
On the contrary, choosing for the new tax regime will have to relinquish the majority of tax exemptions and deductions under the old regime. In addition, note that the old tax regime has three tax slabs and higher tax rates. However, the new tax regime includes six tax slabs and lower ta...
Individuals are free to choose which tax regime they want to continue with. The individual is required to choose the income tax return filing. If the taxpayer wishes to continue with the old regime, they are eligible for all the deductions and exemptions. Given below are the income tax slab...
Old Tax Regime vs New Tax Regime: Which One Should You Opt? In this blog, we’ll understand both tax regimes, deductions, and exemptions under both the regimes, and determine which tax regime should you opt for based on your income. Are you ready to make an informed decision? Let’s ...
Use ET Money's free online income tax calculator to compute your income taxes for FY 2024-25 and FY 2025-26 under both the new and old tax regimes.
Calculate the present value of the tax shields created by the depreciation. Answer From the given information we conclude that Empty CellYear 1Year 2Year 3Year 4 Dollar deductions 33,330 33,340 14,810 7,410 Tax shields 11,666 15,558 5,184 2,594and the after tax rate is 0.12(0.65) ...
Understand income tax deductions in India. Check out the various tax deductions on rent, health insurance, education loan, donation, capital gains & much more.
The Good Side of the New Income Tax Regime Less compliances– Sinceexemptions and deductionsare removed from the new tax regime except NPS, the need to present documents at the time of tax filing is eliminated and the process has become much simpler. Reducing complexity has been one of the ...